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Mexican fintech Clip raises $100m

Mexican fintech Clip raises $100m

Mexican payments and commerce firm Clip has raised $100 million in a financing round joined by funds managed by Morgan Stanley Tactical Value and an unnamed fund manager.

Founded in 2012 by a pair of former PayPal employees as a Mexican equivalent of Square, Clip has built a portfolio of purpose-built payments, financial services and software solutions for small businesses.

The firm offers products and services spanning software and hardware, which enable SMEs to grow their business by accepting digital payments, selling online, obtaining credit and simplifying their operations.

With around 800 employees and on the verge of profitability, Clip will use the new funds to accelerate product development initiatives.

Adolfo Babatz, CEO, Clip, says: "We are excited to leverage this financing round to continue to expand and strengthen our offerings to empower more stakeholders across Mexico's economy."

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